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president obama addresses the nation. it is our generations task to re-ignite the true engine of america's economic growth, a risingm thriving middle class. in today's cover story, reaction to the president's speech. will it prompt action or stir more debate in congress? plus, the threat of military budget cuts dealt a blow to defense stocks. is now the time to buy? you could soon be tuning into intel for your viewing pleasure. and, why the hottest new toys are turning down the tech. first business starts now. you're watching first business: financial news, analysis, and today's investment ideas. good morning. it's wednesday, february 13th. i'm angela miles. in today's first look:president obama details an ambitious plan for america. now is our best chance for bi partisan comprehensive tax reform that encourages job creation and helps bring down the deficit his solution to virtually every problem we face is for washington to tax more, borrow more and spend more. ahead of the speech, the dow closed above 14,000 yesterday. bank of america was one of the stocks propping up the
obama yesterday to talk about the effects severe budget cuts could have on their industry. lawmakers have until march 1st to compromise on a budget. without it, $1.2 trillion in automatic cuts in goverment spending take effect. half is from millitary spending. reports say defense companies are already delaying orders and hiring due to the threat of sequestration. president obama has nominated a business insider to run the department of the interior. sally jewell, ceo of the successful outdoor equipment company rei, has been nominated for the position. jewell is also a former banker and has worked as an official in the oil industry. she took over rei in 2005, and, if confirmed, will take her knowledge of the outdoors to the interior department. "the secretary of the interior is in charge of overseeing 500 million acres of public land in places like yellowstone and the grand canyon, and protecting our natural heritage for our children and our grandchildren." other notable capitol hill moves: timothy geithner, after departing from his role as treasury secretary, is now joining the counc
about immigration to president obama. the president welcomed the business leaders to the white house tuesday. he is pushing his "pathway to citizenship" plan for illegal immigrants already living in america. many republicans oppose the idea. the president believes a new immigration system benefits the broader economy. meanwhile on capitol hill, the mayor of san antonio, texes, julian castro, told a house committee yesterday he supports the pathway to citizenship. he also addressed the guest worker program some lawmakers want. "that may be one way to do it. however, in terms of the 11 million folks who are here, certainly putting them on a path to citizenship, ensuring that after they pay taxes, they pay a fine, they learn english, they get to the back of the line, that's the best option." castro calls the country's immigration system "broken," but adds that congress is on the cusp of making progress. president obama is seeking short-term solutions to fix the country's debt problems. the president has asked congress to decide on short-term spending cuts in lieu of a bigger package of
prompted the fundraiser. president obama's minimum wage plan isn't sitting well with republicans. he plans to raise wages from $7.25 to $9 and connect the increases to inflation, meaning wages rise with the cost of living. house speaker john boehner and other republicans say those adjustments will make it less affordable for employers to hire more workers. google is facing criticism for tmi - "too much information." reporters are questioning the security of google wallet. that's the mobile app that lets consumers use their phone as a credit card. personal information like names, locations and email addresses are said to be given to third parties, including app developers, when consumers make a purchase. google defends its privacy settings, stating "the company shares information necessary to process a transaction." president obama is stepping up cyber security efforts in u.s. businesses. the president issued an executive order this week. it requests agencies set standards for companies with "sensitive infrastructures." those standards include updated anti-virus programs, being aware of all
to have you on the show. we will see you in a bit. > > thanks for having me. president obama turns up the heat on members of congress to avoid automatic cuts to federal funding that could start by the end of next week. the deadline was created to help settle the debt ceiling crisis in 2011. but as our cover story explains, so far, sequestration has become another term for a stalemate. standing among first-responders who'd face cutbacks statrting march first, president obama called sequestration "a meat cleaver approach." "these cuts are not smart, they are not fair, they will hurt our economy, they will add hundreds of thousand of americans to the unemployment rolls. this is not an abstraction; people will lose their jobs." automatic cuts in federal funding were meant to scare congress into compromise. at risk, fema grants to pay firefighters during disasters, loan guarantees to small businesses, fewer food inspectors, border patrols, and air traffic controllers, to name a few. "i've never taken the sequester seriously. it's a gimmick to reach agreement." economics professor lawrence
for a deal to happen. president obama took his argument for more pointed cuts to a virginia town that depends on defense contracts for its citizens' livelihoods. "what the sequester does is use a meat cleaver approach to gut critical investments like education and national security." speaker of the house john boehner accused the president of using the military as a "prop" to support tax hikes. fed chair ben benanke is back on capitol hill for a second day of testimony. yesterday the chairman of the federal reserve urged politicians to reach a deal and warned that automatic budget cuts could create a significant burden on the economy. mr. benrnake also made it clear the fed stands behind its bond-buying program, better known as qe, quantative easing. "notably keeping longer-term interest rates low is helping spark recovery in the housing market and to increase sales and the production of automobiles and durable goods." the fed chair adds the current bond-buying program is likely to last into the second half of the year. now that jack lew has cleared approval by the senate finance committee, th
and then cutting back on overtime." in washington, president obama has called a meeting with top congressional leaders for friday, the same day automatic spending cuts begin. "he hopes to have a constructive discussion to prevent sequestration." the cuts would be widespread. according to the white house, the sequester would mean 2100 fewer food inspectors, 2700 schools losing federal funding, 30,000 teacher layoffs, and more. some think it could even affect the fragile housing recovery. however, some argue that the effects of sequestration may not be as dire as the white house and others predict. air traffic controller furloughs need 30 days notice before going into effect, and the conservative nonprofit heritage foundation says educational reforms would empower states and parents. federal reserve chairman ben bernanke continues to lift the mood on wall street. in day two of his testimony, he told a congressional committee the fed intends to maintain its policy of buying bonds to keep interst rates low, similar to what he told senators tuesday. while on the hill, he also noted the uptick in th
's cover story, president obama hits the road. the plans he has in motion for changes in the manufacturing industry. why travelers are on board with the hottest new way to see the world by boat. plus, film studios are overflowing with attempts to attract lovebirds this valentines day. first business starts now! you're watching first business: financial news, analysis, and today's investment ideas. good morning. it's thursday, feburary 14th. i'm angela miles. in today's first look: up or down? stocks and commodities traded with mininal gains and losses yesterday. investors are holding back as they wonder whether a large sell-off or big rally lies ahead. cisco sees the light. the company topped its earnings targets after the close. cisco ceo john chambers notes that 2013 is off to a slow start but sees early signs of improvement in europe. and democrats are working on a new bill that could replace the $85 billion in automatic spending cuts that take effect march 1st if there is no deal. time now for a look at what traders have to say about the day. joe cusik joins us for that. he is from opt
spending cuts -- known as sequestration, could become a reality. president obama heads to virginia tuesday, where he will deliver a speech at newport news shipbuilding -- which produces "navy" ships. cuts to the nation's defense budget could top 45 billion dollars. > >"i have been very clear, these kind of arbitrary budge cuts will have an adversarial effect..... on our military rediness." if there is no deal out of congress... there will be a total of 85 billion dollars in automatic cuts. those reductions could slow air traffic, as security and airport maintenance workers are forced to go on leave. cme group tells the chicago tribune-- sequestration could also effect cattle trading and more. livestock and dairy trading contracts depend on the u.s. ag department's inspections. meanwhile, gop lawmakers characterize tax increases as a "nonstarter" to the debate. lawyers gather today in new orleans for the civil trial against b-p. it's been just about 3 years since the explosion aboard the deepwater horizon rig-- that sent oil spewing for months into the gulf of mexico. billions of dolla
times in our nation's capital. president obama failed to submit a budget plan, and republican house speaker john boehner is calling him out on the missed deadline. "this was supposed to be the day he submitted his budget to the congress. but it's not coming. it's going to be late. some reports say it could be a month late." the white house spokesman says republicans should take up and pass the president's previous budget plans, which include billions of dollars in revenue from higher taxes. according to reports, the white house did not release an exact date on when the president will issue his next budget, but the white house reportedly is blaming congress for taking until january to work out a deal that would avoid the fiscal cliff. new york governor andrew cuomo proposes one of the most ambitious home buyback programs ever attempted. $400 million would be used to purch homes destroyed by superstorm sandy along the state's coastline. the governor would then preserve that land so that nothing could be re-built, thereby re-shaping how the coastline would be used. the purchase program
. if president obama's second innaugural speech was any indication, tonight's state of the union speech may be less carrot on a string and more sharp stick poking at congress to get over gridlock. in our cover story, the public's wish list of what they hope they hear - and what they expect to hear. this year, it's still "the economy." "you will hear about jobs and how to grow the middle class." "i'd like to have less regulation on business so we could get back to making money." "i think he should work more with the private sector and help them, regardless of minority requirements." but there's also a lot more on the public's mind. "i'd like him to quit playing politics and fix something. don't extend it forever, like they have been." "i definitely would like to hear him address gun violence. it's out of control." "gun control, and a confirmation that we're going to keep the healthcare plan." yes, some people think that even though obamacare was signed into law and upheld by the supreme court, details left unresolved make it vulnerable. "i'd like him to quit playing politics and fix somethin
of the issues facing lawmakers. president obama was in chicago friday, where he talked about a plan to increase the minimum wage. under his proposal, the wage would increase to 9 dollars, from $7.25. house speaker john boehner has said the plan would hinder companies from hiring. also, last week, the house voted in favor of freezing pay for federal workers, including members of congress. the bill is expected to be defeated by the senate. economists are upbeat about the first half of 2013. they expect the gdp to show 2.1% growth in the current quarter, up from previous estimates of 1.7%, according to a survey from the philadelphia fed. second- quarter growth is pegged at 2.3%, up from 2%. growth for the entire year is expected to drop slightly to 1.9% from earlier forecasts of 2%. more than ever, as you are preparing your taxes, con artists are preparing to rip you off. jennifer waters is here with details. hi jen! how exactly does this work? what are they doing? > > good morning angie. i'll tell you, they are getting your name, and they're finding your social security number, and they're gettin
correction here. > thank you tim. > > sure. in our cover story, the obama adminsitration turns cyber sleuth, trying to catch thieves - which could include foreign interests - from stealing vital information over the internet. from public utilities to private companies, the president is taking steps to protect all of it from cyber thieves. "we cannot look back years from now and wonder why we did nothing in the face of real threats to our security and our economy." the push for cyber security coincides with a report from computer security firm mandiant saying it exposed china's military directing cyber espionage of u.s. companies. the report said the chinese stole technology blueprints, proprietary manufacturing processes, partnership agreements, contact lists and more. "businesses need to be both aware of cyber security problems and to be proactive in adopting best practices to protect themselves and our economy." "their designs are taken. they may find them sold to chinese companies who eat into the market share of that company. overall, the u.s. economy can be hurt." the response from th
in the sequester if the obama administartion and the congress could not strike a new deal. following the confirmation by the committee, lew could next need approval from the full senate. if confirmed, jack lew replaces tim geithner. italy's elections for prime minister contributed to market moves in the u.s. the stock market was shaken by yesterday's news from italy that italian democratic leader pier luigi bersani shot ahead in exit polls. bersani's party opposes austerity measures, which brought fear back into the minds of u.s. investors, many concerned that italy's current debt load poses a threat to the eurozone and global economy. bersani is the secretary of the democratic party of italy. italy's outgoing prime minister, mario monti, accounted for just around 10% of the vote. "bp was blinded by greed" and the castrophe was preventable. that's what attorneys figthing against the company had to say opening their remarks in the bp trial. bp attorneys contend multiple parties are responsible. the oil giant is on trial for thde explosion in the gulf of mexico back on april of 2010.
Search Results 0 to 13 of about 14

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